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Shanghai shares drop amid profit taking

SHANGHAI'S key stock index extended the losses in the morning session, led by sluggish heavyweights amid profit taking.

The benchmark Shanghai Composite Index lost 0.98 percent, or 31.07 points, to close at 3,141.87 points. Turnover stood at 82.5 billion yuan (US$12.3 billion). Losers outnumbered gainers 645 to 218, and 15 remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, fell 0.7 percent to close at 1,133.29 points.

PetroChina, the biggest component of the index, eased 0.7 percent to 13.42 yuan. Sinopec, Asia's largest oil refiner, was down 1.3 percent to 11.78 yuan.

Airliners showed mixed performance after the National Development and Reform Commission introduced a mechanism which will link fuel surcharges on domestic air routes to fuel costs to better reflect price movements.

China Southern Airlines Co, Asia's biggest carrier by passenger numbers, dropped 0.3 percent to 5.89 yaun. Shanghai Airlines Co retreated 1.3 percent to 6.63 yuan. China Eastern Airlines Corp climbed 0.3 percent to 6.08 yuan.

Bucking the downward trend, home appliance makers advanced on expectations they can penetrate further into the rural areas as the maximum price limits on products to the countryside may be removed by the end of this year.

Hisense Electric Co jumped 5.2 percent to 22.53 yuan. Sichuan Changhong Electric Co surged 5 percent to 6.23 yuan.

Jiangsu Chunlan Refrigerating Equipment soared 55.6 percent to 10.13 yuan after it resumed trading today. Chunlan had been suspended from trading for two years after posting two straight years' losses.

Elsewhere, GD Power Development Co increased 4.7 percent to 7.53 yuan after its shareholders injected another 4.9 billion yuan into the company.


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